TMM Reports 1Q08 UAS Sales Growth of 32% yoy

In January-March 2008 TMM, the Ukrainian subsidiary of TMM Real Estate Development (TR61 GR: BUY), posted net revenues of USD 10.7 mln (+32.2% yoy) and EBITDA of USD 0.2 mln, vs. loss of USD 0.7 mln in 1Q07, according to Ukrainian Accounting Standards. In 2007 the company’s UAS sales declined 32.6% yoy to USD 51.4 mln and EBITDA fell 21.1% yoy to USD 9.0 mln. Andriy Gostik: TMM’s UAS statements are not representative of IFRS accounts for its parent TMM Real Estate Development, whose shares are traded on the Frankfurt Stock Exchange. For 2007 we estimate TMM Real Estate Dev’s IFRS sales at USD 82 mln and EBITDA at USD 20 mln.